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Consider a linear supply curve that passes through the origin: Qs = bP. Prove that PES =1 at every point along this relationship. Hint: PES = (P/Q)(1/slope).
Business Economics, Economics
Calculate the present worth of all costs for a newly acquired machine with an initial cost of $30,000, no trade-in value, a life of 15 years, and an annual operating cost of $13,000 for the first 4 years, increasing by 1 ...
A manufacture claims that the life span of its tires is 52,000 miles. You work for a consumer protection agency and you are testing these tires. Assume the life spans of these tires are normally distributed. You select 1 ...
a. Suppose that, for a given year, national saving in a country (an open economy) equals 100, private consumption equals 50, and government consumption equals 20. What is the level of output in this country in this year? ...
How does the Monopolies Make Production and Pricing Decisions in Economics?
How might profit maximization lead to higher demand for female workers and result in female workers earning higher wages than male workers in the same firm?
An electronics store receives a shipment of 37 graphing calculators, including 5 that are defective. Eight calculators are chosen at random to be sent to a local high school. How many selections contain 3 defective?
A car rental agency currently has 50 cars available, 14 of which has a GPS navigation system. One of the 50 cars were selected at random. To find the probability that a car selected randomly has a GPS navigation system a ...
A city of flies has a population that doubles once every day. The flies go extinct from overpopulation on the 30th day. On which day was the fly population halfway from extinction?
If there is an increase in demand for a service, and a decrease in supply of the service, what impact will that have on the equilibrium price and quantity for the service?
Question 1 Find the area between .-88 standard deviations below the mean and 2.35 standard deviations above the mean. '88=.3106 and 2.3=.4906 Both figures are added .3106+.4906= .8012 which is 80.12% Question 2 The area ...
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